The global spices and seasonings market is expected to grow from USD 21.3 billion in 2021 to USD 27.4 billion by 2026, at a CAGR of 5.2% from 2021 to 2026. The demand for spices and seasonings as key ingredients in various cuisines is rising globally. Factors such as the increasing demand for packaged or convenience food products and meat & poultry products, owing to changing consumer lifestyle, are expected to increase the demand for spices and seasonings globally. The demand for spices and seasonings is anticipated to increase in the Asia Pacific region owing to factors such as rising disposable income, rapidly growing fast food industry, and urbanization in countries such as China, India, and Japan. The rising consumer awareness about the medicinal benefits associated with the consumption of spices is also expected to increase the demand for spices and seasonings globally. However, increasing instances of unfair trade practices such as adulteration are expected to restrain the market growth. Though the prices of spices and seasonings are highly volatile and vary across different regions, the market is expected to grow significantly.
The spices and seasonings market is highly fragmented; hence, there are numerous players in the market offering a wide range of products; the major spices and seasonings manufacturers include McCormick & Company, Inc. (US), Olam International (Singapore), Ajinomoto Co. Inc. (Japan), Associated British Foods plc (UK), Kerry Group plc (Ireland), Sensient Technologies Corporation (US), Döhler Group (Germany), SHS Group (Ireland), and Worlée Gruppe (Germany). These players have focused on acquisitions to gain a larger market share in the spices & seasonings market.
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McCormick & Company, Inc. (US) is a global player in the flavor and spice market. The company deals in manufacturing, marketing, and distributing spices, seasoning mixes, condiments, and other flavorful products to the entire food industry: retail outlets and food manufacturers to foodservice businesses. The company operates in two business segments, namely, consumer and flavor solutions; they manufacture, market, and distribute spices, seasoning mixes, condiments, and other flavorful products throughout the world.
McCormick & Company, Inc. is meeting the demands of consumers worldwide and dominating the global spices, herbs, and seasonings industry. The company is continuing to grow globally through thoughtful innovation, brand marketing, and key acquisitions in emerging and developed markets. It has expanded its operations from North America to regions such as Europe, the Middle East, and Africa and focuses on increasing its market share in the growing Asia Pacific spice market. Currently, the company has marked its presence in more than 160 countries across the globe.
Olam International (Singapore) deals in food and agri-business and supplies food ingredients, feed and fiber to thousands of customers worldwide. The company is engaged in sourcing, processing, packaging, and merchandising agricultural products. It operates through three major segments: Olam Food Ingredients (OFI), Olam Global Agri (OGA), and Olam International Limited (OIL). Olam provides a wide variety of spices such as chilies, onion and garlic, pepper, and many tropical spices through its Olam Food Ingredients (OFI) segment.
The company has a strong focus on R&D, and in its Innovation and Quality Centers in Fresno, California, the company continuously innovates and improves products, while ensuring that the food products are safe, of high quality and up to customer expectation. It operates in 60 countries and is an operational wing of Temasek Holdings Limited, owned by the government of Singapore. The company’s wholly-owned subsidiaries include Goliath Brands Pte. Ltd. (Singapore) and Olam Nicaragua S.A. (Nicaragua). The company has mastered the full supply chain from source to market, growing and sourcing the finest raw materials in vegetable and spice ingredients, with operations in the US, China, Egypt, India, Peru, and Vietnam.
Ajinomoto Co., Inc. (Japan) is a Japanese food and biotechnology corporation, which produces a large variety of seasonings. It was the first company in the world to launch umami seasoning in 1909. The company operates through two major business segments: consumer business and industrial business. The company creates value-based products in various fields such as amino acids, biosciences, fine chemicals, pharmaceuticals, and food products, including seasonings, processed foods, beverages, pharmaceuticals, and specialty chemicals.
Ajinomoto has a strong focus on innovation and partners with various companies and R&D institutions worldwide to create new value. The company is focusing on strengthening profitability in its existing businesses as well as implementing additional measures such as developing new businesses in different countries. The company is actively launching new products in regions such as Indonesia, Malaysia, and Brazil to increase its market share and gain a firm foothold in the global spices market. The company has marked its presence in several countries across the world, with 10 branches in Malaysia and one sales office in Saudi Arabia.
Spices and Seasonings Market by Type, Application (Meat & Poultry Products, Snacks & Convenience Food, Soups, Sauces, and Dressings, Bakery & Confectionery, Frozen Products, Beverages), Nature & Region - Global Trends and Forecast to 2026
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